Comerica Bank Sells 1,621 Shares of Selective Insurance Group (SIGI)

Comerica Bank cut its holdings in shares of Selective Insurance Group (NASDAQ:SIGI) by 2.6% during the 4th quarter, Holdings Channel reports. The firm owned 60,317 shares of the insurance provider’s stock after selling 1,621 shares during the quarter. Comerica Bank’s holdings in Selective Insurance Group were worth $3,580,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Public Employees Retirement System of Ohio increased its position in shares of Selective Insurance Group by 0.9% during the second quarter. Public Employees Retirement System of Ohio now owns 2,449 shares of the insurance provider’s stock valued at $123,000 after buying an additional 23 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Selective Insurance Group by 0.6% during the second quarter. The Manufacturers Life Insurance Company now owns 44,119 shares of the insurance provider’s stock valued at $2,209,000 after buying an additional 276 shares during the period. GW&K Investment Management LLC increased its position in shares of Selective Insurance Group by 12.9% during the fourth quarter. GW&K Investment Management LLC now owns 8,215 shares of the insurance provider’s stock valued at $482,000 after buying an additional 940 shares during the period. Advisor Group Inc. increased its position in shares of Selective Insurance Group by 41.3% during the second quarter. Advisor Group Inc. now owns 3,633 shares of the insurance provider’s stock valued at $182,000 after buying an additional 1,061 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Selective Insurance Group by 46.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,697 shares of the insurance provider’s stock valued at $217,000 after buying an additional 1,171 shares during the period. 77.33% of the stock is currently owned by institutional investors and hedge funds.

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Shares of Selective Insurance Group (NASDAQ SIGI) opened at $58.70 on Friday. Selective Insurance Group has a 52-week low of $43.10 and a 52-week high of $62.40. The firm has a market capitalization of $3,425.18, a PE ratio of 20.60, a PEG ratio of 0.85 and a beta of 1.37. The company has a current ratio of 0.29, a quick ratio of 0.32 and a debt-to-equity ratio of 0.26.

Selective Insurance Group (NASDAQ:SIGI) last announced its quarterly earnings results on Thursday, February 1st. The insurance provider reported $0.86 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.06. The firm had revenue of $633.70 million for the quarter, compared to analysts’ expectations of $632.30 million. Selective Insurance Group had a return on equity of 11.11% and a net margin of 6.83%. The company’s revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 earnings per share. sell-side analysts predict that Selective Insurance Group will post 3.88 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Investors of record on Thursday, February 15th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.23%. The ex-dividend date of this dividend is Wednesday, February 14th. Selective Insurance Group’s dividend payout ratio (DPR) is 25.26%.

SIGI has been the topic of several analyst reports. Boenning Scattergood reiterated a “hold” rating on shares of Selective Insurance Group in a research report on Friday, October 27th. Royal Bank of Canada reiterated a “hold” rating and set a $59.00 price target on shares of Selective Insurance Group in a research report on Friday, December 8th. ValuEngine upgraded Selective Insurance Group from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. BidaskClub cut Selective Insurance Group from a “buy” rating to a “hold” rating in a research report on Tuesday, December 12th. Finally, Keefe, Bruyette & Woods set a $55.00 price target on Selective Insurance Group and gave the company a “hold” rating in a research report on Sunday, October 29th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $58.41.

In related news, Director John Burville sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were sold at an average price of $59.00, for a total value of $354,000.00. Following the transaction, the director now directly owns 59,898 shares in the company, valued at $3,533,982. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael J. Morrissey sold 1,875 shares of the company’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $61.47, for a total transaction of $115,256.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,775 shares of company stock worth $2,236,104. 3.00% of the stock is owned by company insiders.

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Selective Insurance Group Company Profile

Selective Insurance Group, Inc is a holding company. As of December 31, 2016, the Company had 10 insurance subsidiaries, nine of which were licensed by various state departments of insurance to write specific lines of property and casualty insurance business. The remaining subsidiary is authorized by various state insurance departments to write property and casualty insurance in the excess and surplus lines (E&S) market.

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